Mr. N. Nandakumar,
President – Tamil Nadu, CREDAI, says, “Among other things, we have also
expressed our reservations over the need for personal permission in the
approval of real estate projects. Considering that a developer/ promoter/
developer can apply online with all the necessary documents, I do not see the
reason for further human intervention, as it only slows the process.”
Mr. N. Nandakumar is
all for an overarching Realty regulatory authority, as he believes that it is
important in the interest of growth. The failure of the present system, in his
words, “is how the track record of a developer / promoter hardly plays a part
in influencing the buyers’ decision. People are purchasing real estate based on
the price & location. It is such a system that has caused the Moulivakkam
tragedy.”
 |
| N. Nandakumar, President – Tamil Nadu, CREDAI |
Mr. Nandakumar
believes that Maharashtra has done a commendable job by not simply waiting in
the wings for the proposed national real estate bill to get approval.
“It is great that
Maharashtra has been proactive, and believes that it has the ability to
regulate itself,” he says. Would not it cause confusion, though, should the
national bill be different in its formulation?
“The state simply has
to create amendments to modify its existing rules then,” he says. “It is much
better than having nothing in place.” Perhaps Tamil Nadu can take a leaf out of
Maharashtra’s book, especially in the aftermath of the monumental tragedy it
has just experienced.
Scarily, developers/
promoters with a record of faulty
buildings are allowed to keep working on new projects regulatory authority for the
state. Despite repeated attempts, CMDA officials remained unavailable for
comments on this topic.
The Confederation of
Real Estate Developers’ Association of India (CREDAI) has provided the state
government with a list of changes to be adopted into its upcoming real estate
regulatory bill.
No comments:
Post a Comment